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US stocks slide as traders deal with fresh banking woes and digest outlook for rates

US stock market traders
Stock market traders on the floor of the New York Stock Exchange.Xinhua News Agency/Getty Images
  • US stocks fell as traders remain wary of banking sector woes and assess the Fed's next move.

  • Shares of Deutsche Bank dropped after the cost of its credit default swaps jumped.

  • Bond yields are down across the curve this morning.

US stocks tumbled on Friday as traders digested fresh concerns in the global banking sector and the Federal Reserve's outlook on interest rates.

Bank shares led the dive. Deutsche Bank sank 14% in Frankfurt on concerns about the health of the German lender. Shares of UBS and Credit Suisse also fell after Bloomberg reported that both banks are under Justice Department scrutiny.

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Bond yields are down across the curve this morning. Yields on the two-year Treasury are the lowest they've been in six months as investors eye a pause in rate hikes from the US central bank later this year.

Here's where US indexes stood shortly after the open at 9:30 a.m. on Friday:

Here's what else is happening today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil fell 2.7% to $68.10 per barrel. Brent crude, oil's international benchmark, dropped 2.5% to $74.02.

  • Gold rose 0.2% to $2,000 per ounce.

  • The yield on the 10-year Treasury tumbled 10 basis points to 3.30%.

  • Bitcoin fell 1% to $27,913.

Read the original article on Business Insider